How Much Does It Cost to Stage Your Vacant Home?

If you have ever lived in a home for sale, you can appreciate how challenging it can be to maintain a show-ready home for the duration of the listing. Of course, this is made especially difficult if you happen to have pets, kids, or any other type of life. While it is much less stressful for you as a homeowner to sell a home that you are not living in, an empty home puts a great deal of additional stress onto your buyer. 

The number rule of selling (anything) is that it’s not about you. In order to set yourself up for sales success, you will need to understand your buyer‘s needs, put those needs before your own, and clearly outline how you can help to deliver on those needs. What problem do you solve? Your buyer will have a list of wants and needs when looking at a home, but ultimately they will want and need something that fits their daily lifestyle. 

This is where home staging comes in. Homes that have been professionally staged spend 90% less time on the market (source: Real Estate Staging Association). Buyers view professionally staged listings as “well-maintained”, and are willing to pay more for a move-in ready home. In fact, a staged home will sell, on average, for 6.5% higher than an unstaged home, according to the Real Estate Staging Association. Despite these great statistics, we understand that it doesn’t make it any easier to open your wallet and spend money on a home that you are selling. Let’s face it – it’s not as though you are decorating a home that you are going to live in, so the joy in home staging, as a seller, comes upon the sale of the home, and the extra money in your pocket as a result. But what if it doesn’t sell? What guarantees do you have? And how much is the initial investment going to be?

Before we can tell you what it will cost to stage your vacant property, there are a few things that we need to consider. There are a number of factors that contribute towards a positive sale of a house, including the price, positioning in the market, and advertising. Home staging will help a home to sell for more money, but it is still subject to market restrictions, and will only sell for what someone is willing to pay for it. Think of home staging a part of your marketing strategy. It is not about decorating a home, but instead it is about showcasing the features of the home, and selling buyers on the lifestyle and experience of living there. 

Why are vacant homes difficult to sell?

• 90% of buyers do not have the ability to visualize a space beyond what they see – vacant homes rely on their buyers to possess this skill in order to ensure that the house sells
• Vacant rooms have no where to hide – buyers will easily scrutinize every aspect of the home
• Buyers struggle to connect emotionally to a vacant home
• Empty rooms appear smaller than they are – home staging not only helps to show the scale of the room and the furniture that will fit, but it helps to clearly define the purpose of a room, and the optimal furniture placement 

What is involved in the home staging process?

Most professional home stagers will begin with a home staging consultation, where they will visit the property to evaluate it and create a custom staging plan. In most cases, there will be a fee for this consultation (generally ranging from $100-$300 – BTSH Home Staging Consultations start at $150 + tax). In some cases, this fee may be refunded, in part or in full, if the staging company is hired for the full-service vacant home staging. In this consultation, you will receive some recommendations for updates or repairs, as well as some details about the staging that they will do (this may include a basic home staging plan, rooms to be staged, pricing, etc.).

Partial home staging vs full home staging

You may choose to stage only the main rooms of the home, however we strongly recommend staging the full house to maximize your home staging investment. Home staging helps to eliminate distractions, and create an experience for your buyers, and empty rooms will create a disconnect. As well, if any rooms are small or unusually shaped, buyers will find these rooms especially difficult to envision, and will usually underestimate their potential. Full home staging will always provide the greatest return on your investment, however if your budget will not allow for this, you can review options with your qualified home stager.

Weighing your options

It is not unusual to get a couple of bids for your home staging project, however the decision should be made on a variety of factors, and pricing should be the least of these. Remember that not all home stagers and home staging companies are created equal. Choose the company that you feel will best represent your home, and result in the best outcome. While there are a number of home staging techniques that most home stagers will follow, it is still a very subjective service, and different home stagers will create a different plan. When reviewing the home stager that you wish to work with, be sure to qualify their portfolio, experience, inventory quality, awards and accolades, certification training and continuing education, association affiliations, insurance coverage, etc. 

What does it cost?

Depending on the home (size, number of rooms, outdoor spaces to be staged, style of home, etc.), home staging services can cost you anywhere from $2,500 - $10,000 to stage properly. As well, the access to your property or the distance from the company’s service area can also affect the pricing. While condominium apartments are generally low square footage, the moving process can take much longer and therefore increase the staging fees. 

The investment for your home staging project includes more than just a few pieces of furniture. It covers the expertise of the home stager, and the time required to create and execute a successful home staging plan. This means creating the concept, selecting, prepping, and packing the home staging items, delivery (and pick-up upon sale of house), and of course the time required for the home staging team to install the selected items. The home staging process takes several hours, from start to finish, and involves several team members to execute effectively.

That said, how much can you expect to spend on staging your home? While this will vary from one staging company to another, here is a bit of a guideline based on our experience:

• Pricing for vacant home staging projects begin at $2,500 + tax (this usually includes approximately 3 staged major rooms, plus bathrooms, hallways, and entrance)
• Average vacant home staging pricing is $5,000 + tax
• Smaller houses tend to cost more “per room” due to labour/moving fees – these tend to stay relatively the same as in larger projects
• Houses with 5 major* rooms or more average approximately $750 - $800 / major room (+ tax)
• Houses with 4 major* rooms or less average approximately = $850 - $900 / major room (+ tax)

*Major room refers to a room that requires notable furniture, such as a bedroom, living room, dining room, etc. Pricing provided includes the staging of all bathrooms, entry, hallways, etc. as a part of the estimated fee. If kitchen does not include a dinette, it is not included as a major room.

Tips for Setting Yourself Up for a Successful Sale

Give yourself the time needed to properly prepare your home for market. It’s cliché, but you really only do get one chance to make a first impression – make it count! Plan for home staging from the start of your project – it is never too early to call in a home stager for a consultation. A professional home stager can provide guidance and expertise to ensure that you are focusing your investment in the areas that will provide you with the greatest return. If you are flipping a property, it’s important to plan for home staging from the beginning. Consider meeting with your home stager BEFORE beginning any renovations. A qualified and experienced stager will be your best resource for understanding the best finishes and design choices for the home, which areas to improve, and how to best appeal to the target demographic of the home. 

Most of all, remember to stay calm, and call a professional home stager!

For details and pricing for your vacant property for sale, contact us or visit our website.

The Dos and Don'ts of Hiring a Designer

 DO

·      Provide information regarding your style

o   This may be magazine photos, Pinterest pins, or physical samples – you don’t even have to know what you like about something, but the more information that you can provide to your designer, the better

·      Provide Samples

o   If you have already selected any renovation materials, be sure to have samples of those items available for your designer

·      Provide Creative Autonomy

o   This is something that many homeowners struggle with – remember that you hired your designer for their expert, professional opinion, and there may be times where you will need to trust them to take you outside of your comfort zone.

o   Our goal is to integrate your style with our expertise to create a design plan that you will love for years to come. The more autonomy that we have, the easier it is to create this, but we want to ensure that we do so with your trust and understanding – if at any time you do not feel that you are being heard, or are not comfortable with a decision that has been made, be sure to address it as soon as possible to avoid any issues or unnecessary costs.

o   It’s all in our head - we understand that you may not always be able to see what we see! Sometimes, you may simply need to take a leap of faith and trust, but if this is something that you are not capable of, ask, and we will do our best to provide a visual representation of our vision.

·      Understand what your roles are

o   This is important to address in the beginning, to ensure that there is no confusion.

o   If you are uncertain, ask questions.

o   Your designer should provide you with a contract outlining the scope of the project and any fees, payment schedule, etc – this is intended to protect both you, and your designer

DON’T

·      Rush

o   Quality takes time! Plan for your design or renovation project – by allowing the proper time needed, your designer will have more flexibility in negotiating the best quality and price for each product/finish selection.

o   Allow sufficient time for create the proper plans for any renovations PRIOR to beginning construction.

·      Be afraid to speak up

o   It’s your house, and your money! The role of a designer is to create a space that fits your style and needs – if you do not like something, be sure to address it with your designer.

o   You get final say, but remember that you hired a designer for a reason – sometimes you just need to trust us and our final vision.

·      Withhold your budget

o   I cannot stress this one enough! Be sure to communicate where your comfort zone is, and plan for a contingency (as a general rule, we recommend allocating approximately 5%-10% of your total budget for design services, however this can vary by project and designer).

o   We often find that clients are afraid to reveal their budget, for fear that we as designers will spend every dime of it. Our role is not to maximize your budget, but to maximize your dollar. The most effective way for us to do this is by ensuring that we can purchase quality products, and have the freedom to explore low-cost options when available.

·      Keep things bottled up

o    All relationships take some element of work, so it may take a little bit of time initially to work out the kinks of understanding, and setting, appropriate boundaries. Be sure to clearly communicate with your designer to ensure that you are on the same page.

Contact Beyond The Stage Homes today to find out how to get your property sold!

Phone: +1 (226) 240-0766
Email: info@btshomes.com
www.beyondthestagehomes.com

Should I Stay or Should I Go?

If you have outgrown your house, and are considering moving in the Waterloo Region (or surrounding areas), you may be intimidated by the extreme seller’s market. Reports have indicated it will not be shifting any time soon! With the increased demand due to a growing population, homebuyers are finding it challenging to find the perfect home that fits all of their needs within their price-point. Then, if they do find a home that works well, it’s often met with a bidding war. Perhaps you have already put yourself out there, and have lost several bids on ideal homes. You may be frustrated that you'll never be able to find what you need, for the price that you want. If you’ve considered the option of staying in your current home, and taking on some renovations, you are certainly not alone! You might be wondering if it’s better to stay in your home, and what your options are, should you stay.

BEFORE

AFTER

There are a number of considerations to make in order to help you to make the best decision for you and your family:

Step 1: Create a list of what you “need” in a home.
Step 2: Create a list of what you “want” in a home.
Step 3: Assuming that budget is not an issue, evaluate whether or not your home is capable of providing you with what you need. For example, if you are on a narrow lot, and need a double car garage instead of your single, it’s likely not possible to create the home of your dreams.

On the other hand, it might just be a matter of utilizing your current space better. You may need to approach a designer/contractor for this to fully determine what you can and cannot do (HINT: anything can be done, but are you willing to spend what is needed to achieve what you want). A designer can help you to determine how you might be able to better utilize various spaces within your home. If renovations are needed, a contractor can help you understand the considerations and implications for this.

Another alternative you may want to consider is expanding your current space. Evaluate if your property lot is large enough to add additional space. If you think it can, consult with a designer and contractor to create a plan for adding space, and maximizing not only the new space, but the original rooms in your house as well. This will create a smooth and consistent design and flow throughout your home. As well, a contractor can help you to determine what can be done, and how much it will cost you.

BEFORE

AFTER

Iain Kent of Eagleview Construction has noticed an increase in homeowners opting for additions to their home this year. “We’ve heard over and over again from homeowners that they love their current neighbourhood, but have run out of room in their current house and can’t find anything in the area that meets their needs and budgets,” says Kent. “Additions can be a great way to add that much-needed living space, but can come with a hefty price tag. A typical addition can run anywhere from $75,000 to well over $200,000 depending on the amount of space being added, the types of rooms being added (kitchens and bathrooms tend to be more expensive than other rooms) and the types of finishes desired.”

Now, before considering a renovation of this magnitude, you should always consult with your mortgage professional, real estate agent, and financial planner. Stephen Green of RBC Financial has seen this option weighed a number of times, but sometimes it is simply better to sell to get what you need. “If you do you have sufficient equity to draw from in your current residence it may be worth pulling that out towards the renovation, provided the final value actually does increase. This is where both your mortgage professional and your real estate agent can come in the play. If both your real estate agent and your mortgage professional deem it not to be a good decision to renovate, it might be the right time to list it and find the home that does everything. Sometimes the time and effort of a renovation is far more tedious than simply buying the house that is already what you want,” says Green.

Kent has noted that, despite the effort, many are still finding an addition the more desirable option. “With the growing trend of families wanting to live more centrally, many of the homes in the older areas of town are smaller than what modern households might require, and to find a bigger house in the same area might either be completely out of the budget or simply non-existent, says Kent. “Whatever the case may be, many clients are choosing that renovating and adding an addition to increase their livable space is the best option.”

Now, if you have deemed that you are ready and prepared to take on the renovation, you may be looking at your bank account, and wondering the best way to fund it. We asked Green about this, and he said, “If you are looking to do a large scale renovation, first ask your mortgage professional if there is an option to withdraw equity from your current home. Any line of credit that is secured against a property is always at a lower rate because there is security against it. If the value goes up from the work you have completed, you could then possibly move those funds into a mortgage portion to work at paying down principle. Another option is to go with a regular unsecured line of credit and then wrap it into your mortgage after the fact.”

Any renovation, large or small, should be given careful planning consideration in order to ensure a successful execution. In addition, local qualified contractors are finding themselves booked months into the future in order to keep up with market demand. Once the decision has been made, you’ll want to start the planning process and consult with a residential designer to help you to plan your renovation, and secure the materials that you need in order to keep the project on track.

As a bonus, we’ve provided you with some tips to help you to live through the renovations:

• It will get messy – There is no sugar-coating this! You might think that you’re prepared for this, but most people are creatures of habit and a disruption like this can be difficult to cope with at times. Despite best efforts to maintain a level of cleanliness, you will need to be prepared to lower your daily standards of clean.
• Backup plan – With any renovation, there is always a margin of unknown and this could mean delays. If you have a tight timeline for when you expect things to be finished, ensure that you have a backup plan in case things go wrong.
• Find off-site storage – Review long-term versus short-term storage options and consider purging any items that will not be included in the new design instead of storing these unnecessarily.
• Protect your valuables – No matter how professional and careful your hired contractors are, accidents can happen. We recommend moving valuables off-site, to a secure facility such as your off-site storage, safety deposit box, or a trusted family member or friend.
• Find a safe haven for your pets – Change can be stressful on your pets, not to mention that the dust and debris throughout the process can be dangerous if accidentally ingested. If possible, find a temporary home for your furry friends.
• Consider finding a temporary residence – While this may seem like an added expense, it could mean savings for you in the long run. By finding a temporary residence, you will enjoy a more convenient lifestyle, allowing you to be more comfortable and productive, while allowing your team of workers the freedom to come and go from the work site at their discretion. When living in the home during renovations, your workers will ensure that you have as comfortable of a living space as possible at the end of each day, but this takes time to tidy and clean, and those are billable hours. If you have any allergies or sensitivities, regardless of how clean the home is kept during renovations, you may find that your body will react adversely to the presence of dust, fumes, and other renovation materials.

Contact Beyond The Stage Homes today to find out how to get your property sold!

Phone: +1 (226) 240-0766
Email: info@btshomes.com
www.beyondthestagehomes.com